NBK Capital buys stake in Turkish firm

Kuwait, December 27, 2010

NBK Capital, an investment fund owned by National Bank of Kuwait (NBK), on Monday said it acquired a 20 per cent stake in Turkish aquaculture firm Kilic Deniz.

The investment banking unit of NBK did not specify a value for the deal.

"We will continue to execute on Kilic's proven strategy and provide the necessary support to solidify its position as a regional leader," Amjad Ahmad, senior managing director at NBK Capital said in a statement.

Kilic's chairman Orhan Kilic stated that proceeds from NBK stake sale will be used for expansion and capital funding.

The deal is NBK Capital's fifth investment in Turkey, the statement said.

In June, the investment fund of Kuwait's biggest lender acquired a 30 per cent stake in Turkey's World Eye Hospital Group, and said it would eventually hold a public offering in the company. – Reuters